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Meta to Cut 10,000 Jobs, 5,000 Open Roles in Efficiency Push
Posted
March 15, 2023
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1,514
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March 15, 2023
1,514
25
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1.92%
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0:51Now PlayingMeta plans to lay off nearly 10,000 employees and close about 5,000 open roles in its second round of job cuts in the past 6 months. Bloomberg's Ed Ludlow reports.
The Facebook parent company has been marketing 2023 as a “year of efficiency” in an effort to improve its financial performance and achieve longer-term goals. As part of those efforts, Meta is flattening the organization, canceling lower priority projects and slowing hiring, Chief Executive Officer Mark Zuckerberg said in a statement on Tuesday. Bloomberg previously reported that cuts were coming. The world’s largest social-networking company in November already laid off 11,000 people, or 13% of its staff.
The Facebook parent company lowered its outlook for 2023 expenses to $86 billion to $92 billion, accounting for the job reductions and other cost-cutting measures. That’s down from $89 billion to $95 billion previously, according to a company filing, and includes about $3 billion to $5 billion in restructuring costs including severance.
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